The Canada Infrastructure Bank (CIB) has finalized an agreement with Ontario Power Generation (OPG) wherein CIB will provide $970 million in financing to develop a 300 MW, grid-scale, small modular reactor (SMR), Canada’s first.

OPG is currently developing and constructing the SMR next to OPG’s existing 3.5 GW Darlington Nuclear Generating Station in Clarington, Ontario. Once fully constructed (around 2030), the SMR will allow to avoid approximately 740,000 tCO₂eq/year of greenhouse gas emissions. The nuclear power project is the first commercial grid-scale SMR among the G7 countries.

Torys acted as counsel to OPG with a team led by Krista Hill and included Adam Delean and Scott Kraag (project financing).